Swiss Investor A Squared Holding Moves to Acquire Full Control of Nawiri Group’s Tanzania Safari Business

A Squared Holding AG, a Swiss investment firm, intends to acquire sole control of Nawiri Group Limited, the Mauritius-based holding company behind three Tanzanian safari and lodge operators.

Tanzania’s Fair Competition Commission (FCC) has confirmed it has commenced formal review of the transaction and opened a 14-day public comment period.

The notice was issued under section 65(2)(g) of Tanzania’s Fair Competition Act No. 8 of 2003.

Nawiri Group holds interests in entities engaged in hospitality and tourism services across Sub-Saharan Africa, with a particular focus on nature-based leisure travel.

Three Tanzanian-registered companies are directly affected by the transaction: Asilia Lodges and Camps Limited, Asilia Lodges and Camps Southern Tanzania Limited, and Rubondo Island Camp Limited.

Asilia Lodges and Camps Limited and its southern Tanzania affiliate provide high-end safari and accommodation services to local and international clients.

Rubondo Island Camp Limited leases and operates a tourist tented camp on Rubondo Island in Lake Victoria.

The public notice does not disclose the value of the transaction.

Regulatory Review Process

The FCC invites any person with a material interest in the transaction, or who considers it may materially affect competition or their legitimate interests, to submit written comments.

The deadline for submissions is 14 days from the first date of publication of the notice.

Comments may address whether the transaction is likely to substantially lessen competition in any relevant market in Mainland Tanzania.

They may also address the likely effect of the transaction on customers, suppliers, competitors, employees or other directly affected market participants, and any verifiable facts or sector information that may assist the FCC’s assessment.

A person seeking formal participation in the review must file a Notice of Intention to Participate, Form FCC.10, together with their submission.

Any confidentiality claim must clearly identify the confidential portions of a submission and give reasons for the claim.

The FCC states it will not entertain a submission where the same matter, in whole or in part, is already before a court, tribunal, arbitration panel or other judicial or quasi-judicial body.

Submissions should be addressed to the Director General, Fair Competition Commission, PSSSF Building, 6th Floor, Makole Road, P.O. Box 2351, Dodoma, or emailed to info@fcc.go.tz.

Nawiri Group and Tanzania’s Safari Industry

Nawiri Group Limited was formed in August 2022 as an umbrella company consolidating investments in responsible travel and connected impact initiatives in Sub-Saharan Africa.

Nawiri Group’s existing investors include the Norwegian development finance institution Norfund, the Swiss private banking and investment group LGT, and private impact investors including EQT chief executive Christian Sinding and Summa Equity chief executive Reynir Indahl.

The group holds majority interests in Asilia Africa, the safari tour operator Go2Africa, and the travel technology developer Bazaruto.

Asilia Africa was founded in 2004 and operates safari lodges and camps in Kenya, Tanzania and Uganda, its most recent addition to the portfolio.

In Tanzania, Asilia operates around 15 camps and lodges spread across the country’s main safari circuits, including the Serengeti, the Ngorongoro Conservation Area, Tarangire, Ruaha and Nyerere National Parks, Rubondo Island on Lake Victoria, and the island of Zanzibar.

Its Tanzania properties include Sayari Camp, Namiri Plains, Olakira Migration Camp, Ubuntu Migration Camp and Dunia Camp in the Serengeti, The Highlands in Ngorongoro, Oliver’s Camp in Tarangire, Jabali Ridge, Jabali Private House, Kokoko Camp and Usangu Expedition Camp in Ruaha, Roho ya Selous and Kwihala Camp in Nyerere, Rubondo Island Camp on Lake Victoria, and Matemwe Lodge on Zanzibar.

The company is headquartered in Arusha, Tanzania, with additional offices in Dar es Salaam, Nairobi and Cape Town, and employs more than 1,000 people across the region.

Both Nawiri Group and Asilia Africa are certified B Corporations, with Asilia becoming the first African travel company to achieve the certification in 2012.

A Squared Holding AG was incorporated in Switzerland in November 2021 and is registered in Zollikon, in the canton of Zurich.

Its stated corporate purpose is the direct or indirect acquisition, management, and disposal of shareholdings in Swiss and foreign companies.